Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters

Oil rises after OPEC+ rebuffs U.S. call to boost output | Reuters

Oil prices rose above $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the face of the coronavirus crisis.

Brent crude rose 52 cents, or 0.65%, to $81.06 a barrel by 1200 GMT. U.S. West Texas Intermediate crude gained 64 cents, or 0.81%, to $79.45 after rising as high as $80.17.

The OPEC+ group of major producers agreed on Thursday to stick to their plan to raise oil output by 400,000 barrels per day (bpd) from December, ignoring calls from U.S. President Joe Biden for extra output to cool rising prices. read more

Top OPEC producer Saudi Arabia dismissed calls for speedier increases from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, citing economic headwinds.